Key facts
- Every losing close and every liquidation mints PAPER to the trader.
- Staked PAPER earns USDC: half of every trading fee, plus LP surplus above a $5M cap.
- No pre-mint, no team or investor allocation: every PAPER was minted to a trader.
- Stake, unstake and claim from the PAPER panel in the terminal, with no lockup and no gas.
A liquidation is not the end of the story
On an order-book exchange, your loss goes to the trader on the other side, and a liquidation feeds the exchange's insurance fund. You walk away with nothing. On Papertrade your loss flows into the protocol's liquidity pool, which is what pays winning traders, and the protocol mints PAPER to you in return. The same happens on every losing close, not only on liquidations.
Turn PAPER into a USDC revenue share
PAPER is a fee-claim token. When you stake it, it earns USDC from two sources:
- Half of every trading fee. Winning closes pay a 2% fee on the gain, and losing closes and liquidations carry a 2% fee taken from the pool's side. Half of it goes to stakers, paid while the payout queue is empty.
- LP surplus. Once the pool's tracked profit grows past $5M, everything above the cap can be distributed to stakers.
Staking and unstaking are instant. There is no lockup, and you can claim accrued USDC to your trading balance at any time.
The traders own the upside
PAPER had a fair launch: no pre-mint, no team or investor allocation, no airdrop and no vesting schedule. The only way PAPER comes into existence is through traders' losses. The people who fund the pool are the same people who share its income.
What 1000xTrade adds
- A PAPER panel in the terminal. See your unstaked, staked and claimable amounts, and stake or claim without leaving the trading screen.
- A clean chart. ENTRY and LIQ lines appear only for positions you actually hold, next to your own open, close and liquidation markers.
- One-click trading. A session key signs opens and closes; it can never withdraw.
- Tools before you click. The liquidation calculator and guides in English and Chinese.
- Self-custody. Funds stay in the Papertrade contracts and Hyperliquid. 1000xTrade never holds them.
Compared with a typical perp exchange
| Papertrade via 1000xTrade | Typical order-book perp exchange | |
|---|---|---|
| Where your loss goes | Liquidity pool, and PAPER is minted to you | The other trader or the insurance fund |
| Revenue share for traders | Stake PAPER for USDC | None |
| Entry price | Hyperliquid mid, no slippage up to limits | Ask or bid, slippage grows with size |
| Funding | None | Paid or received periodically |
| Max leverage | 1000x on BTC and ETH | Usually 20x–100x |
PAPER rewards depend on future trading activity and the state of the pool. They are not guaranteed, and losing money to earn PAPER is never a good trade on its own. Treat PAPER as a partial consolation, not a reason to take bigger risks.
Try it with a small size first
Connect a wallet, deposit at least 10 USDC and start with low leverage.